News 9 Financial Expert Discusses Military Families' Financial Problems

Monday, October 10th 2011, 4:45 pm
By: News 9

OKLAHOMA CITY -- Many U.S. military families report they have more than $10,000 in debt. And many say they've resorted to quick money financing to survive.

Financial expert Jennifer Wallis joins News 9 with some of the unique problems military families have to overcome.

1. Frequent relocation: Military members may be moved around from base to base. New utility deposits, relocation expenses, and loss of spousal income while they find a new job can get very expensive. Housing prices may drop and members may have to sell their home for less than it is worth.

2. Deployment: Can be challenging because the spouse left behind suddenly has to bear the brunt of managing a household alone. It can be especially challenging since the bill paying is left to the spouse at home.

3. Re-entry: May be challenging to get back into the habit of paying bills, managing expenses when you have been a world away from home. Military members live in a very structured environment when they are deployed, making for many temptations to overspend when they come home if they do not have the skills to navigate those temptations.

4. Pay rates can change drastically with deployment (both increases and decreases in pay). Not having plans in place for these increases and decreases in pay can cause a great deal of stress on the couple.

Wallis has organized the "Forever for Real" event for military families. It will take place from 9:30 a.m. to 4:30 p.m. on October 29, at the Hillsdale College in Moore.

Click here to register for the event.